Section 36-9-13-32 - Trust indentures securing bonds or loans(a) The board of directors of a building authority may secure bonds issued under section 30 of this chapter or loans made under section 31 of this chapter by a trust indenture between the authority and a corporate trustee, which may be any trust company or national or state bank within Indiana that has trust powers.(b) The trust indenture may:(1) mortgage or grant a security interest in all or part of the land, systems, or government buildings for which the bonds are issued or loan is made;(2) contain reasonable and proper provisions for protecting and enforcing the rights and remedies of the bondholders or lenders, including covenants setting forth the duties of the authority and board concerning:(A) the construction, operation, extension, remodeling, repair, maintenance, and insurance of the government buildings or systems; and(B) the custody, safeguarding, and application of all money received or to be received by the authority on account of the government buildings or systems financed by the bonds or loan;(3) set forth the rights and remedies of the bondholders or lenders and trustee; and(4) restrict the individual right of action of bondholders or lenders.(c) Except as otherwise provided by this chapter, the board of directors may, by resolution or in the trust indenture, specify:(1) the officer, board, or depository to which the proceeds of the bonds or loan shall be paid; and(2) the method of disbursing those proceeds.Pre-Local Government Recodification Citation: 19-8-4-18.
As added by Acts1981 , P.L. 309, SEC.86. Amended by P.L. 37-1988, SEC.38.